Adani Green Energy Ltd. signed a deal to sell power from about 4.7 gigawatts of solar power from India’s largest clean-energy project as the country aims to accelerate the adoption of renewables.
The agreement with state-run Solar Energy Corp. of India means the Adani Group unit has secured takers for almost 6 gigawatts of the 8 gigawatts of capacity it is building. Pacts for the remaining capacity should be reached in the next two to three months, the company said in a filing on Tuesday.
Indian conglomerates, including billionaire Gautam Adani’s group, are committing billions to green energy, pivoting away from their traditional fossil-fuel heavy operations. The country’s pledge to turn carbon neutral by 2070 is fueling a shift into solar, wind and hydrogen, and Adani aims to invest $70 billion by the turn of the decade to benefit from the opportunities.
“This agreement keeps us well on track to our commitment to become the world’s largest renewables player by 2030,” Chairman Adani said. At present, the company ranks 30th, according to a tally by BloombergNEF.
[Rajesh Kumar Singh]